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Applicability of Threshold Exemption, Goods and Services Tax - GST |
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Applicability of Threshold Exemption |
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XYZ is having turnover in the financial year 18 - 19 above ₹ 20 Lacs and therefore paying GST. In the year 19 -20, he will be continuing to pay GST and if his turnover will be below ₹ 20 Lacs, will he be exempted from paying GST and claim refund of GST already paid in 19 -20 or otherwise how it works? Posts / Replies Showing Replies 16 to 17 of 17 Records Page: 1
Exemption is based on turnover of the previous year. Further during 19-20 he is colleting and remitting GST. hence no refund is eligible. However for 20-21 he may surrender Registration and need not collect or remit GST as the previous year (19-20) turnover is less than 20 lakhs
Since 20 lakhs threshold is with respect to registration and not for payment of tax and since payment of tax is to be made by taxable person he will have to pay tax so long as he is registered under GST law. refund would have been possible only in case 20 lakh limit would have been in respect of tax, that too subject to unjust enrichment. Page: 1 Old Query - New Comments are closed. |
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